On Wednesday, the Chicago Transit Authority's (CTA) Board approved a three-year contract with Coca Cola Enterprises to furnish, install, replenish, operate and maintain soft drink vending machines on CTA property. The contract also contains two one-year options for renewal.

The CTA is estimated to receive more than $1.4 million over the next five years under the terms of the contract, which gives the agency a 50 percent revenue split.

Coca Cola currently has 271 vending machines on CTA property. These machines will stay in place as Coca Cola evaluates the feasibility of adding machines across the system - including the introduction of machines that will accept credit and debit card payment. The new contract also will give customers a greater variety in their options at vending machines.

From 2004-2008, the Coca Cola contract generated an average of $228,000 annually in revenue for the CTA. The new contract is projected to generate approximately $283,000 annually.

The CTA Board also approved a five-year contract with Central Parking System (CPS) Chicago Parking for the operation, management and maintenance of select CTA parking facilities. Under the new contract, the CTA is guaranteed $1 million annually, or up to 49.5 percent of net revenue, whichever is greater.

CPS will purchase, install and maintain new fee collection equipment for 11 of the CTA's 17 Park & Ride locations that fall under this contract. The new equipment will accept credit cards, payment by cell phone and cash. CPS also will maintain all of CTA's Under 'L' parking areas, spaces under the elevated tracks that can be leased for a monthly fee.

From 2004-2008, the Standard Parking contract generated an average of $677,000 a year in revenue for the CTA - in 2008 the CTA earned $419,000 from the contract. Under the old contract, the CTA paid a four percent management fee and had to reimburse Standard Parking for 100 percent of their operating expenses. The new contract guarantees the agency at least $1 million per year and CPS will be responsible for their own operating expenses - including the new fare collection equipment, as well as a detailed scope of work for maintaining the lots.